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US DOJ, FTC file statement of interest over antitrust safe harbors in Texas-led ESG suit

( May 22, 2025, 15:18 GMT | Official Statement) -- MLex Summary: The US Department of Justice's Antitrust Division and the Federal Trade Commission filed a statement of interest in a lawsuit brought by a Texas-led multistate coalition against BlackRock and other Wall Street asset managers. The statement of interest says that while antitrust safe harbors for passive investment protect most index fund investing and beneficial corporate governance advocacy, they do not protect the use of commonly managed stock in competitors to encourage market-wide reductions in output. The DOJ and FTC said in a statement that the filing in the Eastern District of Texas explains how the law protects typical shareholder behavior and how the states’ complaint alleges an anticompetitive campaign, and how the law should properly be applied to the states’ claims.Statement follows below. See attached file....

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